In May, global TV panel shipments maintained high at 21.9M, up 2% year-on-year

Author: AVC Revo Source: AVC Industry Chain Insights

In May, domestic 618 stocking demand was further released, and TV panel demand remained stable overall. In May, global TV panel shipments maintained an upward trend year-on-year, up 2% year-on-year.

23.05-24.05 Global TV panel shipments and year-on-year performance

Data source: AVC Revo Unit: Mpcs, %

According to AVC Revo's "AVC Industry Chain-Global TV Panel Production, Sales and Inventory Monthly Report", global LCD+OLED TV panel shipments in May were 21.9M, up 2% year-on-year, and slightly down month-on-month. In May, the TV panel shipment area was 16.2M㎡, up 7% year-on-year, and slightly up month-on-month. Driven by the domestic 618 stocking, the demand for large-size LCD products has recovered month by month since March and has outperformed the demand for small-size products. The share of products below 43 inches has shrunk from 51% in February to 48% in May. The large-size process continues to advance. The average size of LCD TV panel shipments in May was 51.5 inches, with a year-on-year and month-on-month increase of 1.2 inches and 0.1 inches.

2023.01-24.05 Global LCD TV panel shipment size structure trend

Data source: AVC Revo Unit: inch, %

Global TV panel factory shipment ranking in May 2024

Data source: AVC Revo Unit: Mpcs, %

From the perspective of panel factory shipments:

BOE: TV panel shipments in May were 5.1M, down 2% year-on-year and slightly increased month-on-month, ranking first in shipments. From the perspective of size structure, small and medium-sized products remained the same as last month, while large-sized products increased slightly. In particular, 85+ ultra-large-sized products showed a trend of continuous growth, among which 98-inch and 100-inch demand diverged. As the price difference between 98-inch and 100-inch panels decreased, terminal retail prices were inverted. Many customers switched from 98-inch products to 100-inch products. BOE's 98-inch product shipments are gradually decreasing, while 100-inch shipments are growing steadily month by month.

CSOT: The customer structure is stable, and the shipment volume is stable. In May, the TV panel shipment volume was 4.4M, a year-on-year increase of 9% and a month-on-month decrease of 3%, ranking second in shipments. This month, the shipment of 43-inch products has recovered slightly, and the shipments of 50-inch/55-inch/65-inch/75-inch have all declined month-on-month, reducing the overall shipment scale. Driven by the 618 large-size stocking, the shipment of 85+ ultra-large-sized products has remained above 100K for two consecutive months, and the shipment of 115-inch products has been nearly 1K for two consecutive months.

HKC: 3.3M units shipped in May, down 9% year-on-year and up 7% month-on-month. This month, 32-inch shipments have recovered significantly, while 40-inch, 43-inch and 75-inch shipments have slightly decreased month-on-month, and shipments of other sizes are basically flat. Although this month's shipments have recovered compared with last month, due to the order cuts by leading brands, shipments are slightly lower than expected.

INX: 3.1M units shipped in May, down 7% year-on-year and 13% month-on-month respectively. The main reduction is 32-inch, 40-inch, 43-inch and 50-inch units. Because brands pulled more goods in the first two months, the inventory level was high, and the price negotiations with panel manufacturers were not reached, the motivation of some brands to pull goods has weakened.

LGD: 1.7M units shipped in May. LCD panel shipments were 1.3M, up 107% year-on-year and 11% month-on-month, and OLED panel shipments were 405,000 pieces, up 26% year-on-year, and basically flat and slightly increased month-on-month.

Sharp: 1.6M shipments in May, up 11% and 8% year-on-year and month-on-month respectively. In preparation for the suspension of production in September, SDPJ has fully utilized its production capacity to meet the needs of suppliers this year. The monthly shipments of 60-inch and 70-inch TV panels have increased significantly, but for 42-inch products, some customers have begun to shift to 40-inch and 43-inch products, so the shipments of 42-inch products have obviously shrunk. SDPC's shipments remain stable due to stable customer demand.

CHOT: 1.3M shipments in May, down 6% year-on-year and flat month-on-month. The overall size structure is relatively stable, and the shipments of new 55-inch products have increased month by month.

AUO: 1.3M shipments in May, down 6% year-on-year and basically flat month-on-month. With the recovery of L6B production capacity, 65-inch shipments have resumed this month. Due to the adjustment of the purchasing strategy of the leading brands, the demand for 43-inch and 50-inch panels has weakened and shipments have decreased.

SDC: QD OLED panel shipments in May were about 120,000 pieces, down 3% year-on-year and up 70% month-on-month.

The domestic 618 promotion is coming to an end. According to AVC monitoring data, the volume and amount of the color TV market fell in the first three weeks of the 618 promotion, and the promotion effect was weak. At present, brand inventory is at a high level. Panel manufacturers plan to reduce film investment in June and July to improve the supply and demand relationship in the TV panel market and make it tend to balance, so as to keep TV panel prices relatively stable. This means that TV panel shipments will face challenges in June and July.